The Fifth Circuit reversal in the Kimbell v. U.S. case leaves the IRS bloodied, but unbowed, in its ongoing valuation discount struggle to expand retained interests principles to LLCs and family limited partnerships under Section 2036. The court rejected the retained interest application to the FLP because the transfer was within the exception of fair and adequate consideration and refused to impose the retained interest doctrine to the LLC under Sections 2036(a)(1) and (2) because the decedent did retain sufficient votes or contractual rights to control the LLC.
The Office of Trade and Labor Affairs (OTLA) in the Bureau of International Labor Affairs of the U.S. Department of Labor has determined that an extension of time is required for its review of a public submission concerning Bahrain filed under Chapter Fifteen (the Labor Chapter) of the Bahrain--United States Free Trade Agreement (FTA). The submission was received on April 21, 2011 from the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) and alleges actions by the Government of Bahrain that, if substantiated, would be inconsistent with Bahrain's commitments under the FTA Labor Chapter. OTLA accepted the submission for review on June 10, 2011, in accordance with its published procedures and standards for acceptance. Acceptance of the submission for review d...
... extension of time is necessary to permit adequate consideration of several recent developments:. ...
An employer's promise of continued employment was adequate consideration for a non-competition agreement entered into by an at- will , the Colorado Supreme Court has ruled in reversing judgment. The defendant was an at-will of the plaintiff. During the course of his employment, the defendant executed a non-compete agreement that generally prohibited him from soliciting the plaintiff's customers or s for one year following his departure from the company.
Insurance - Contracts: The exclusive-agency method of selling insurance products shares the characteristics of early insurance dealings under which insurance policies were provided to customers through agents who dealt solely with one insurance company. Under the common law of agency, the insurance company, and not its exclusive agents, possesses a property right in policyholder information because the agent’s activity and loyalty is for the principal. The interpretation of clear, unambiguous contractual terms is a question of law, particularly appropriate for resolution by summary judgment: Generally, courts presume that the intent of the parties to a contract resides in the language they have chosen to employ in the agreement. A modification to a contract is not binding unless su...
... (3) the conveyance was supported by consideration. . Facts . The certified class consists of about 5... Lake Land, the Computer Agreement was adequately supported by consideration. . The agents finally a...
Top Amtrak officials failed to give "adequate consideration" to a federal mandate to inform Congress before they removed the rail service's longtime inspector general in 2009, according to a new independent review. The findings by the Department of Transportation's Office of Inspector General were reported in a letter Tuesday to three top Republican lawmakers who requested an inquiry into the removal of Amtrak Inspector General Fred Weiderhold.
An accounting firm, which sued four former employees accused of walking out with 124 clients, may keep a $1,369,921 award, the 8th U.S. Circuit Court of Appeals has held. The decision fine-tunes what can be considered as adequate consideration for an employee's promise not to compete under Missouri law.
People don't trust their government and don't think it matters," says Commissioner Martha Diehl. "I think it's probably related to the perception-which I share-which is that the Planning Commission's decision isn't particularly meaningful. She attended the Aug. 16 planning commission hearing on the General Plan. "And it does appear that people are reluctant to participate now for one reason or another," she says. "That's very unfortunate. For a long-term document and a piece of local regulation like a General Plan, you really need some minimal level of public buy-in. That doesn't necessarily mean that every single person will agree with every thing in it-that's not possible. But you have to have a really strong majority who feel the process was fair, that it was open, that it reflects ...
... see how a planning commission can give adequate consideration to policies without having a draft E...
In the Abeid v. Commr. case, the petitioner, a nonresident alien residing in Israel during 1997, 1998, and 1999, became entitled to 20 annual payments of $722,000 each by virtue of a 1992 purchase of a $1 ticket that won a lottery sponsored by California. The Tax Court held that the payments at issue are not annuities as the term is defined in the US-Israel treaty, because they were not paid under an obligation to make the payments in return for adequate and full consideration as provided in the treaty. Accordingly, the payments are subject to US tax as determined by the IRS.
The November 2009 U.S. Preventive Services Task Force recommendation that women ages 40-49 no longer need breast cancer screening, and that women 50 or older need screening only every other year, has created confusion in the minds of women and their doctors about the benefits of screening. In many people's minds, this was done to reduce health care costs without giving adequate consideration to the impact of this change on women's lives. Today the controversy rages on and women's health care is already paying the price.
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